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diminifted, the present war com- the court of Vienna; together with menced. A state of war always the money sent to the West Indies requires a more ample circulation, and the Cape of Good Hope, for even within the kingdom. The the pay of British troops there ; if public loans, which in all wars are they did not all together draw Brinecessary, and in the present war tish coin out of the country, in any have been particularly great, em- great ainount, mutt at least have ploy a considerable proportion of prevented that influx of coin or the circulating capital. The pre- bullion which, in consequence of a sent increased value of money, favourable balance of commerce, which is sufficiently proved by the would have otherwise supplied the high rate of intereit, clearly shows circulation of the kingdom. Mr. what must be the demand for it, Boyd, however, in his evidence, and consequently, the scarcity of it. ftates, that in remitting the impe But during the present war, it is rial loan, as well as the late adworthy of remark, that expensive vances to the emperor, he never enterprises of a private nature have sent any British coin out of the not diminished, as in all former kingdom (which could not indeed wars, but even augmented. It ap- legally be done); and that in repears by an account inserted in mitting the said loan, he sent in this report, that the number of bills foreign coin or bullion, to the of inclosure which passed in the four amount only of about 1,200,000l. years preceding the present war That the remainder of the loan, was one hundred and thirty-eight, and the whole of the advances, and that the number which have were remitted in bills of exchange. passed during the four years of the It is obvious, however, that the war was two hundred and eighty drains occasioned by expenditure three. That the number of bills abroad for the purposes before for navigations and canals, which mentioned (large as the amount of paffed in the four years preceding the.n may have been), are nothing the present war was thirty, and more than what has happened in that the number which have passed all former wars, in which the goduring the four years of the war vernment of Great Britain has was fixty-nine. And farther, that found it esential for its interests, the sum authorised to be borrowed to maintain armies on the Eurofor the making those canals and pean continent, or at any great navigations, was in the first four distance from the kingdom. years 2,377,200l.; and in the last It appears by an account insert. period of four years 7,415,100l. ed in this report, that all the re

But the demand of money for mittances made for the services of public expenses abroad, more par- the war in the West-Indies, on the ticularly applies to the present fub- continent of Europe, in the island jeet: the loan made to the emperor of Corsica, and other diftant parts in the year 1795 of 4,600,000.-- of the world, amounted, during the The fubfidies paid to foreign four last years, to (vide Account princes, — the money remitted for No. 24.) 33,510,7791. os. 7.d. The pay of British troops, or foreign It appears by another account troops in British pay, while this (No. 23.) inferted in this report, kingdom had an army on the con- which has distinguished the sums tinent; and the advances made to expended on the European conti

nent,

Vances

nent, from what were expended in the balance of trade, has augmentother distant parts of the world, ed even in a greater proportion. that the total of the money ex It is particularly observable, that pended on the continent of Europe the exports to Germany alone, for during the said four years, includ. the two last years, have amounted ing the imperial loan, and the ad- to more than 8,000,000l. annually:

irade to the emperor, when, in time of peace, they did amounted to 14,988,4221. os. 80. not usually amount to more than

li appears lastly, by a third ac 1:900,ocol. And those exports to count (No. 22.) inserted in this re Germany exceed an amount, by at port, that the sums paid for all least 2,600,0col. the whole that forts of military services on the was annually exported in time of continent during the war ending in peace, to brance, Fiarders, Hol1763, amounted to 20,626,9971. land, and Germany. os. 7d.

The house will see in the eviTo the fums fent, during the dence of Mr. Irving, much infor. prefent war, to the European con- mation, for the purpose of thew. tinent, to the West Indies, and the ing that all our principal articles Cape of Good Hope, for military of export, particularly those which purposes, mould be added, the confit of British manufactures, are Tunis drawn for by the command- greatly under-rated in their value, ers of our fierts on foreign service, as well as many capital articles of in every part of the world. import. Cofice is the only material

It appears, on the other hand, article which appears to be over. by the accounts of the value of the rated in the books of the inspectorimports and exports for the last general; it is more over-rated on ex twenty years, produced by Mr. portation, than on importation. The Irving, inspector-general of imports valuation, upon which the accounts and exports, that the demand for of the inspector-general are found. cath to be sent abroad!, for the pur- ed, was settled in the year 1696 or pores before mentioned, was great- 1697, when the prices of a'l these ly compensated by a very large bar articles were greatls inferior to lance of commerce in favour of what they are at present, and bethis kingdom, greater than was fore our manufactures had received ever known in any preceding pe- the improvements which have been riod. The yalue of the exports of made in them of late. years, so that the last year amounted, according the real value of both our imports to the valuation on which the ac- and exports, particularly of the latcounts of the inspector-general are ter, is certainly conūderably higher founded, to 30,424,18.41.; which is than is stated in his accounts. The more than double what it was in house will also see many excellent any year of the American war, aud obfervations, in the evidence of one third more than it was on an this gentleman, for the purpose of average during the last peace, pre correcting the manner of taking vious to the year 1792; and though the true balarce of our trade. He the value of the imports to this obferves, that in for ning this ba. country lias, during the fime pe lance, many articles of import are riod, grea:ly increated, the excess of fiated as unfavourable to this counthe value of the exports above that tiv, when they are in fact accesof the insports, wbich conttituics, lions of weatá, such as the

pro

duce

duce of our various fisheries, and self a considerable acceflion of a considerable part of the imports wealth to this king Jom, that canfrom our poffeßions in the Eait and not appear in the cuttom-house acWest Indies. The whole of the counts. produce of these fisheries is cer Mr. Irving has delivered' it as tainly an acceffion of national his opinion, that the true balance wealth. So much thereof as is im- of our trade amounted, on a meported directly into this country, dium of the four years preceding must be considered as an increase January 1796, 10 upwards of of stock to it: the value of such 6,500,000l. per annum, exclusive parts as are sent directly from the of the profits arising from our East fithing places to foreign countries, and West India trade, which he and fold there, is either reinitted in estimates at upwards of 4,000,000l. bills of exchange, which is wealth; per annum; and exclusive of the or it is laid out in the purchase of profits derived from our fisheries. commodities, to be imported into

But whatever uncertainty may this country, which is an increase still remain, in forming an estimate of stock. This produce is pro- of the true balance of our comcured, not by any wealth sent from merce in any particular year, the this country, but by the adven- accounts of the infpe&tor-general turous enterprise of our filhermen; of imports and exports, serve at and the value of such produce, least to afford a good comparative when it is sent directly from the state of the amount of our comfithing places to foreign countries, merce in different years; for it is cannot appear in any custom-house fair to presume, that the defects are account. lo like manner, a con not greater in the accounts of one fiderable part of the imports from year than of another. the Eaft and West Indies, ought Great however as this balance of not to be stated, in the balance of commerce may appear, it would our commerce, as unfavourable to have been itill greater in a very this country, particularly such

parts considerable degree, but from the of the investments in the East In- unusual scarcity of grain, which dies, as are purchased by the re- made it neceflary both for governvenues of the British settlements ment and individuals, to import there; as well as those parts, which large quantities of grain, for the reare imported either from the Eart lief of the inhabitants of this kingor Weit Indies, for the purpose of dom. In an account delivered by remitting private fortunes acquired Mr. Claude Scott, an eminent corn there, or as the incomes of persons, factor, it appears, that for the three who, having estates or mortgages years preceding the 5th of January in the West Indies, refide and 1797, there were paid to foreign spend their incomes in Great Bri- countries, for grain imported into tain. The value of such part of this kingdom, the following fums, these imports, as is re-exported, viz. will appear on the export side of the account, and serves to balance

£. 1,983,855 the value of the same articles, as

1,535,672 Atated on the import lide ; and the

3.926,484" whole of the mercantile profit, which they leave behind, is in it.

7,446,013

Add,

In 1794
In 1795
In 1796

Add, imported in 1793, as estimated by Mr. Scott in his evidence before the committee

1,500,000

Total $. 8,946,012

This balance of commerce was also rendered less favourable, by the great sums paid for naval stores during the war, beyond what are usually paid in time of peace. It appears by an account presented by the conmissioners of his majesty's navy, that the value of naval stores imported on account of his majesty's navy, in the four years previous to 1797, 'amounted to

£. 7,825,876 And in the four years preceding 1793, amounted only to

2,500,139

Excess

£ 5,325,737 And it appears by an account presented, of the amount of

bills drawn on the commiftioners for vi&tualling, from foreign parts, in the four years ending the 5th of Ja.

nuary 1797, that they amounted to 6:1,368,921 And in the four years ending the 5th of Ja. nuary 1793, to

134,629

1,234,292

Total Excess 6.6,560,029

Though it cannot be doubted stances, been sometimes in favour that the balance of our trade, even of, and sometimes against, this with these deductions, must have country; and, for the last three brought great weal: h, in various ar

years, more agaiuft this country ticles of cominerce, into this king- than in its favour, from causes dom, and that unusual quantities which are fully explained in the of foreign merchandise muít, in evidence of those gentlemen. Mr. consequence thereof, have been de- Whitmore adds, that the quantity posited in it; yet it may be doubt- of filver which has of late been imed, whether it brought so great a ported, has greatly exceeded the quantity of the precious metals, to quantity of gold. But as the Mint be converted into coin, as in fora price of filver bullion has been, mer periods; for it appears in the during nearly the whole of the preevidence of fir John Hort, who was sent century, considerably less than his majesty's conful general in Por- the market price of this precious tugal for twenty-nine years, and of metal, the Gilver bullion' so imMr. Whitmore, an eminent Poru- ported could not be converted into gal merchant, that the importa coin, but after having left a quan. tion of gold and silver bullion, from tity sufficient for the use of our L'Ibon into this kingdom, has been manufactures, must have ayzin been less than it was formerly: and that exported, and did not contribue in the exchange between Lisbon and the smallest degree to ai ginent the London, which used, formerly to be coin of this kingdom. greatly in favour of London, has of The accounts presented by the late, from a variety of circum- officers of the Mint, of the quali

tity

tity of bullion coined in the last that the officers of the customs four years, thow that the quantity could not produce an account of coined at the Mint in 1795, an any fuch importation. mounted only to 493,4161. and in There are, however, other cir1796, to 464,680l. which is not cumstances in evidence before the more than a fixth of what was committee, which may have conbrought to the Mint to be coined tributed to render lefs perceptible, in the two preceding years, and hitherto at least, the advantages greatly inferior to what had been arising from the influx of wealth coined, upon an average of the for. into this kingdom, in consequence mer years of his majesty's reign. of.a favourable balance of trade.

By an account presented by Mr. It was observed by Henry Irving, of the quantity of bullion Thorntor, esq. (and it is indeed exported from this country from self-evident), that in proportion as the year 1790 to 1796, both inclu. the commerce of this country in. five, it appears that the quantity of creases, a greater capital is necer. gold bullion exported on an aver- fary for carrying it on; and also, age, in the four laft years, being that any given quantity of comyears of war, is not a third of what merce, in time of war, by the in. was annually exported on an aver. creased expenses of freight, insurage in the three preceding years of ance, and mercantile charges, re. peace; and that the quantity of fil- quires a greater capital than the ver buliion exported in the four fame quantity of commerce in time last years, being years of war, is of peace. These two circumstances also not a third of what was an. must have had confiderable indunually exported on an average in ence, in the course of the last three the three preceding years of peace; years, upon the circulating cath and this account receives a certain and paper of the kingdom, espedegree of confirmation, from the cially when it is conlidered, that, accounts delivered in by the East- from causes already afligned, the India company, of the amount of circulation of paper was considerSpanih dollars exported by the ably diminiled; and Mr. Bosancompany, or permitted by the com- quet, a bank director, in affigning pany to be exported by private per- the causes of the great pressure on sons

, which prove that in the last the bank, for want of cath, in the three years the amount of Spanish year 1783, is of opinion that the dollars exported, has been less than drain of cash at that time proceedusual.

ed from the great extension of comThe committee wished to throw merce which followed the peace, farther light on this subject, by ob and which occalioned ro large an taining an account of ihe amount export of the commodities of this of gold and Gilver coin or bullion country, that the circulation was imported into this kingdom, in the hardly fufficient to support it. before-mentioned periods; but they

It appears laftly, by the evidence find, that by a law passed in the of the bank directors, that in con15th year of the reign of his late fequence of the long credit given majelty Charles II. ch. 7. sec. 12. by our merchants, the payments coin and bullion are exempted from for the great quantities of our maentry at the custom-houré, on im- nufactures, produce, and other merportation into

this kingdom: so chandise exported, do not take 1797

(P)

place

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